The parent company of Synovus Bank today reported higher-than-expected results in the fourth quarter with profits up 32.7 percent from a year ago after adjustments for one-time debt and tax-related changes.
Synovus Financial Corp. said it is raising its quarterly dividend this year by 67 percent to 25 cents per share, payable in April, even as the bank also announced it has authorized a stock repurchase program of up to $150 million for the year ahead.
Synovus, which is based in Columbus, Ga., and operates in Chattanooga and Northwest Georgia, said its fourth-quarter profit of $29.6 million, or 23 cents per share, was down from the $68.5 million earned a year ago due to $23.2 million loss due to extinguishing some debt and a $47.2 million charge related to federal tax reform. But without the one-time expenses, the adjusted earnings in the fourth quarter jumped to 72 cents per share, or 4 cents per share better than what analysts had forecast for the period.
Synovus posted revenue of $376.3 million in the fourth quarter. Its adjusted revenue was $339.1 million, also exceeding Street forecasts.
For the year, the company reported profit of $275.5 million, or $2.17 per share. Revenue was reported as $1.37 billion.